Two UAE-based startups secured new funding yesterday, with agritrade startup Maalexi getting a new credit facility and rental platform Silkhaus raising a seven-figure investment.

#1- Dubai-based rental platform Silkhaus raised a seven-figure investment in a funding round to support its expansion into Riyadh, Saudi Arabia, according to a press release. The funding round was led by Nuwa Capital and Oraseya Capital, with the participation of Impulse International, Yuj Ventures, Nordstar, and some family offices.

The company recently shuffled its management team, appointing its CFO Ankit Shah (LinkedIn) as a co-founder and board member, and hired Abdul Wahab Al Halabi (LinkedIn) as an independent director. Nitin Reen (LinkedIn) and Hassan Alfarsi (LinkedIn) were also added to the firm’s board.

REMEMBER- The proptech platform raised a multi-mn pre-series A funding round from US-based Partners for Growth last January. The agreement granted Silkhaus access to an extra multi-mn USD credit line to bolster its expansion initiatives. It previously raised USD 7.8 mn from international investors in 2022.

About Silkaus: Founded in 2021 by Aahan Bhojani (LinkedIn), the company specializes in providing short-term rental options to business and leisure travelers. The company currently operates properties worth over USD 200 mn annually across Dubai, Abu Dhabi, and Riyadh, with ongoing plans to expand internationally.

#2- Agri-trade fintech Maalexi secured a USD 3 mn credit facility from Citi to increase its liquidity, bolster its direct sourcing operations, and help the company scale its AI-powered risk management platform for SMEs engaged in cross-border agri-trade, according to a press release (pdf).

Maalexi is targeting threefold expansion in 2025, supported by the new facility. The funds will aid in expanding procurement from US-based exporters, optimizing supply chains, and reducing food waste in the USD 2 tn global food trade.

ICYMI: Maalexi secured USD 3 mn in a pre-Series A funding round led by Global Ventures in January of last year, with participation from Rockstart and Ankurit Capital, to enhance its platform and scale cross-border agri-trade operations. The agri-trade fintech also raised an additional USD 1 mn in venture debt from India’s Stride Ventures to drive user acquisition and expansion last July. In May, Maalexi partnered with DP World to boost food security by streamlining access to a broader range of food products and enhancing operational efficiency at Jebel Ali Port.

About Maalexi: Founded in 2021 by Azam Pasha (Linkedin), and Rohit Majhi (LinkedIn), Maalexi offers risk management services, including digital contracts, AI-powered inspections, and blockchain-authenticated documentation for SME agri-businesses operating in food security. The firm has facilitated the procurement of food supplies across 70 products from 27 countries and recorded a cumulative monthly growth rate of 60% last year.

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